Dr Reddy's Laboratories to divest Hyderabad API manufacturing business unit to Therapiva Private
16 October 2018 -

India-based Dr Reddy's Laboratories (BSE: 500124, NSE: DRREDDY, NYSE: RDY) has agreed to divest its API manufacturing business unit situated in Jeedimetla, Hyderabad, India, to Therapiva Private, a generics pharmaceutical firm, it was reported yesterday.

This divestiture is being done through sale (as a going concern) and covers all related fixed assets (land and building), present assets, current liabilities, and its employees.

Dr Reddy's Laboratories global manufacturing operations head and executive vice president, Sanjay Sharma, said, 'The divestiture of our API manufacturing business unit is a step towards streamlining our manufacturing operations and optimising our cost structures. We are confident that we have found in Therapiva, a buyer-partner who fully understands and appreciates the business unit and its people as a powerful strategic asset.'

Therapiva Private Limited is a joint venture between Omnicare Drugs India Private Limited (100% subsidiary of Neopharma LLC, Abu Dhabi) and Laxai Life Sciences Private Ltd.